Tag Archives: real estate crisis

The late comedian Henny Youngman was known for his rapid-fire, one-liners – and is probably best know for this one in particular: “Take my wife … please!”

That’s also the line a lot of folks were saying at the height of the real estate crisis, except they replaced “wife” with “house.” Unless of course they were divorcing, then ex-husbands might be heard to say: “Take both my wife and my house … please!”

But today, we are starting to see people looking for ways to keep their homes; a sure sign that the housing market, and the economy in general, are making a comeback.

Foreclosures fall

RealtyTrac just reported that fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, suggesting that fewer homeowners are having trouble staying current on their mortgage payments.

Even inFlorida,one of the top foreclosure states in the nation, foreclosures are tumbling and filings were down more than 20 percent from a year ago. That doesn’t mean we are out of the woods yet, but we are moving in the right direction.

And CoreLogic just reported that fewer foreclosures were completed in May compared to a year ago, meaning that bad loans are working their way through the system and borrowers who are better able to pay are replacing them.

Bidding wars break out

This decline in new foreclosure filings and completed foreclosures is having a domino effect in that, with fewer available homes on the market, bidding wars are starting to breakout on those homes that are for sale.

That’s great news for sellers, but not so much for buyers, who also are seeing interest rates rise. In fact, mortgage interest rates have crept up in the last few weeks to their highest level in nearly two years.

Short sale turnaround

Another unforeseen benefit: Those who thought they would have to engage in a short sale are finding that home prices have gone up enough to sell their homes without the need to get their lender’s permission. For years these folks struggled as they watched their home’s value sink – eventually owing more than they paid. But now, as home values have risen, they have enough equity to sell, pay off the bank and move on with their lives.

And what does that mean to the divorcing couple and the future of their marital home? There’s a pretty good chance that it will become just one more asset to fight over, but now no one will be saying “Take my home … please!”

Real Estate and Foreclosure Defense Attorney, Roy Oppenheim

Real estate attorney and foreclosure defense attorney, Roy Oppenheim left Wall Street for Main Street, founding Oppenheim Law along with his wife Ellen in 1989 in Fort Lauderdale, Florida, and is vice president of Weston Title and creator of the South Florida Law Blog, named the best business and technology blog by the South Florida Sun-Sentinel. Follow Roy on Twitter at @OpLawor like Oppenheim Law onFacebook.

With the real estate market in recovery mode, owning a home is more affordable than renting in 72 percent of major U.S. cities. Miami, Las Vegas and Arlington, Texas round out the top three cities where buying is a safer bet.

Renting is more affordable than buying in only eight percent of America’s largest cities, including New York City, Seattle, and Kansas City. The Offices of Weston Title and Oppenheim Law continue to help homeowners navigate through the waters (and under waters) of Florida real estate buying, selling and investing.

Wall Street corruption blurs the lines between good guys and bad guys as this week’s headlines bubble to the top.

Government's Long Enforcement Slumber is Over, says Roy Oppenheim

Unbelievably guilty in the court of public opinion. Now ultimately guilty in a court of law.

The conviction of Galleon hedge fund billionaire Raj Rajaratnam on all 14 counts of conspiracy and securities fraud is a prime example of rampant Wall Street greed and conspiracy.

It’s become clear that bankers took advantage of us all through the tricks and frauds of petty crooks. Ironically, these crooks bankers are now being brought down by the same investigatory wiretap techniques once used only in drug and mob cases. Perhaps “Bankster” is now the appropriate moniker.

Rajaratnam, formerly viewed as a skilled investor and stock market genius, should have stuck to “counting cards.” It’s one thing to make informed, intelligent investments by counting cards through legitimate research and public knowledge. It’s another matter entirely to “mark the cards” through insider secrets, privileged tips and paid informants.

Now, after a mosaic of insider trading and deception has been uncovered, the billionaire Rajaratnam is exposed as a card marker. Consequently, he faces the prospect of spending the rest of his life in federal prison.

Not surprisingly, this card marking culture is closely tied to the banks and mortgage-baked securities (MBS) industry that brought down the American real estate market. Banks simply were playing a game they new they couldn’t lose.Continue reading→

Signing 4000 documents a day for $10/hour
Pelley interviews Chris Pindley, a former robo-signer who estimates that he signed over 4,000 documents a day. Pindley signed the documents using a coworker’s name because her name was short and easy to write. This coworker, Linda Green, was given the title of “vice president” of about 20 different banks… at the same time. This “vice president” of multiple banks and her coworkers were paid 10 dollars an hour for their work. Pindley even remarked that as they sat around a table signing papers, he told the others that one day they would be on 60 Minutes: how prophetic.

Homeowner must have all paperwork perfect, while banks cheat and forge
While requiring thousands of everyday folks to have all of their paperwork perfect and wait in line for days just for the chance to beg for some sort of a reprieve, these banks felt that they could forge the documents they needed to throw people out of their homes. These kinds of double standards are endemic in the industry and are an unconscionable assault on the public. Scott Pelley’s work here is an invaluable insight behind the colossal corporate wall into the shenanigans of the banks and the everyday people caught up in the mess.Continue reading→